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Stock Market & Financial Investment News

News Breaks
May 28, 2014
08:32 EDTBEE, BXStrategic Hotels to buy remaining interest in Hotel del Coronado for $210M
Strategic Hotels & Resorts announced last night that the company has signed an agreement to acquire the remaining 63.6% ownership interest in the 757-room Hotel del Coronado for $210M. The company currently owns a 36.4% ownership position in the asset through a joint venture with certain affiliates of Blackstone Real Estate Partners VI (BX). The transaction values the asset at a gross value of approximately $787.0M, net of approximately $18.0M of cash currently held at the property and within the joint venture, and includes the assumption of the existing $475.0M mortgage financing. The net purchase price represents a 14.3 times multiple on forecasted 2014 EBITDA and a 6.2% capitalization rate on forecasted 2014 NOI. Management estimates the to-be-acquired 63.6% interest in the hotel is projected to generate an incremental $19M-$21M of EBITDA for the remainder of 2014. In Q1, RevPAR grew 11% at the property resulting in 21% EBITDA growth. The transaction, which is subject to certain closing conditions, is expected to close in the second quarter of 2014.
News For BEE;BX From The Last 14 Days
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September 29, 2014
15:50 EDTBXCSC contacts PE firms on leveraged buyout interest, Bloomberg reports
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15:46 EDTBXCSC explores LBO, contacts Blackstone, Bain to gauge interest, Bloomberg says
September 23, 2014
13:53 EDTBXBlackstone COO says company was 'never in Russia,' CNBC reports
Blacksone COO Tony James disputed a Financial Times report that said the group was "giving up on Russia," reports CNBC. In an interview with CNBC's "Squawk Box," James said "We were never in Russia. We've never had an office, employee or investment in Russia." James added that Blackstone has a consultant in Russia but has not determined whether or not to renew the contract. Reference Link
September 22, 2014
11:20 EDTBEEStrategic Hotels repeats FY14 FFO view 62c-68c, consensus 67c
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September 21, 2014
14:43 EDTBXBlackstone does not renew contracts to its consultants in Russia, FT says
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September 19, 2014
06:46 EDTBEEStrategic Hotels to host investor day
Investor day to be held on September 22 at 2 pm. Webcast Link
September 17, 2014
07:37 EDTBXMorningstar to hold a conference
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